Petroleum marketers in Nigeria are predicting that the pump price for petrol could exceed N700 per liter.
According to Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, this increase is expected to take effect in July.
Osatuyi stated that once independent marketers begin importing products in July, prices in the north could surpass N700, while those outside Lagos should anticipate paying around N610.
He said: “What I am seeing is around N600 and above, depending on the exchange rate, the current crude price at the international market and the landing cost.
“Those in Lagos will pay around N600, those outside Lagos around N600 plus, while those in the north would be paying anything from N700 and above.”
Residents in Lagos, on the other hand, are likely to pay approximately N600 per liter.
These projections are based on factors such as the exchange rate, international crude prices, and landing costs.
In response to these developments, the Nigerian Midstream and Downstream Petroleum Regulatory Authority is granting licenses to operators interested in participating in the importation business.
Article updated 3 days ago. Content is written and modified by multiple authors.
